In a significant development for the sustainability sector, Hyderabad-based climate tech startup Recykal has successfully raised Rs 110 crore (about $13 million) in a pre-Series B funding round.
The investment, led by 360 ONE Asset Management Limited, marks a pivotal moment for Recykal as it continues its mission to revolutionize the waste management landscape in India.
Investment for Innovation:
The infusion of funds will empower Recykal to accelerate its innovation efforts across its technology platforms, products, and sustainable solutions.
Abhay Deshpande, Founder and CEO of Recykal, expressed his enthusiasm, stating that this funding round will fuel the company’s growth trajectory and solidify its position as a trusted partner in sustainability initiatives.
Exit Opportunity for Early-stage Investors:
Moreover, the funding round not only signifies a major milestone for Recykal but also presents an exit opportunity for its early-stage investors. With this latest injection of capital, Recykal’s total funding tally now stands at an impressive $35 million.
Diverse Investor Base:
Recykal’s success in securing funding underscores the confidence placed in its vision by a diverse group of investors. Notable backers include Morgan Stanley,
Circulate Capital, Triton Investment Advisors LLP, and executives from Pidilite Industries Limited and the Murugappa Group.
360 ONE Asset Management’s Perspective:
360 ONE Asset Management Limited, the lead investor in this funding round, lauded Recykal’s progress and scale in fostering circularity within the value chain.
Sameer Nath, CIO and Head of Private Equity at 360 ONE Asset, emphasized the importance of Recykal’s approach in building a sustainable future by addressing demand aggregation and resource utilization.
Recykal’s Journey and Vision:
Founded in 2016 by Anirudha Jalan, Abhishek Deshpande, and Abhay Deshpande, Recykal has emerged as a pioneering force in India’s circular economy.
The tech-driven marketplace serves as a nexus, connecting producers, waste generators, facilitators, and other stakeholders in the waste management ecosystem.
Operational Scope and Impact:
Operating on a cloud-based platform, Recykal spans various sectors, offering sustainable solutions for plastic, paper, metal, e-waste, tires, and batteries.
With an impressive track record of processing 700,000 metric tons of waste, Recykal aims to raise awareness and promote effective waste management practices.
Expansive Network:
Recykal’s impact extends beyond its innovative solutions to its expansive network, which includes over 400 brands, 500+ recyclers and co-processors, 10,000+ businesses, and 600+ urban local bodies.
This network underscores Recykal’s commitment to fostering collaboration and driving tangible outcomes in the sustainability domain.
Conclusion:
In conclusion, Recykal’s latest funding milestone not only validates its disruptive business model but also heralds a new era of innovation and collaboration in India’s climate tech landscape.
As Recykal continues to pave the way for a more sustainable future, its impact is poised to reverberate across industries, communities, and the environment at large.
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